The 2025 Prop Firm Shakeup: Who Survived
Between the MetaQuotes restrictions and platform migrations, 2025 reshaped the industry. Here's who came out ahead.
The MetaQuotes / MetaTrader restrictions in late 2024 forced every major forex prop firm to diversify away from MT4 and MT5. Firms that migrated fast to cTrader, Match-Trader, DXtrade, or their own platforms survived. Firms that dragged their feet lost trader trust.
Winners: FTMO (built their own platform bridge), FundedNext (fast Match-Trader adoption), Alpha Capital (multi-platform from day one), Blueberry (own tech stack).
Casualties: at least six mid-sized firms shut down or paused new challenges. A handful of them stopped honoring existing payouts — a permanent reputation hit.
The futures side was largely unaffected because it runs on Rithmic and Tradovate, both independent of MetaQuotes. Apex, Topstep, and MyFundedFutures kept growing.
Going into 2026: expect further consolidation on the forex side. Trader trust is now the moat. Firms that publish payout data, have a 2+ year track record, and diversified platforms are the safest bets.
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